A special resolution to appoint Samit Ghosh as Managing Director and CEO of Ujjivan Financial Services was not approved by the required majority of shareholders.
According to data with BSE, the special resolution to approve the appointment of Ghosh as MD and CEO of the company for a three year period, effective May 1, 2021 was “not approved by the requisite majority”.
Only 70.527 per cent of the votes were polled in favour of the resolution while 29.473 per cent of the votes were polled against the proposal. Ghosh is currently the non-executive Chairman of the company.
“These being special resolutions in nature, required a minimum of 75 per cent of the votes polled in favour of the resolution or a minimum of three times of the votes polled against the resolution,” said a regulatory filing by Ujjivan Financial Services.
A career banker, Ghosh was the erstwhile founder of the Ujjivan Financial Services and has served as its MD and CEO until January 31, 2017. He then took charge as the MD and CEO of Ujjivan Small Finance Bank Limited effective from February 1, 2017 and retired on November 30, 2019 on attaining the age of 70 years.